SELLER in foreclosure w/ 150K in equity - Posted by Redd(CT)

Real Estate Investing
1

Posted by dewCO on July 31, 2001 at 14:15:45:

They all want to stay in the house. He can’t stay unless you bail him out! Study the PACturst at www.cal-equity.com

Ask him what he’s going to do when the house goes to foreclousure sale? That’s the time to deal with him. Seems weird it hasn’t yet–after 8 months!

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SELLER in foreclosure w/ 150K in equity - Posted by Redd(CT)

Posted by Redd(CT) on July 28, 2001 at 16:16:54:

I got a call from a seller yesterday. He is in foreclosure.
He wants to stay in the house. I was thinking w/ all that equity why doesn’t he refi?

here are the stats:
300K left on the mortgage
450 appraisal on house (last year)

he has been in foreclosure for about 8 months.

he said the PITI is about 3000 per month.

questions:

  • I know what I would do if he didn’t want to live in the house b/c if I got the deed…the person I put in the house would put up a down payment to make up the back payments.

YET, the seller wants to keep the house & is willing to share some of his quity to help him keep his house.

any suggestions?

all responses appreciated!